SMM October 31:
Spot premiums in Ningbo fluctuated at highs this week, up 5 yuan/mt WoW. As of Friday, spot prices against the 2511 contract were at a premium of 40 yuan/mt in Ningbo, while the premium against Shanghai prices was 70 yuan/mt, narrowing slightly within the week. Zinc ingots arrived in the Ningbo market during the week, but most of the arrivals were pre-sold, leaving actual spot cargo circulation still tight. Traders maintained high spot premium quotes, while downstream enterprises made purchases as needed. With more zinc ingot arrivals expected to supplement the market, spot premiums are likely to pull back next week.
